Agency Based Discussion > Shutterstock.com
Timing of the royalty cut
Shelma1:
"On May 1, 2020, Mr. Oringer adopted a written sales plan with Charles Schwab in accordance Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and Issuer's policies regarding stock transactions (the "2020 10b5-1 Plan"). Under the 2020 10b5-1 Plan, Mr. Oringer intends to sell up to 1,020,000 shares of Common Stock, subject to certain market conditions. Sales may commence on June 1, 2020 and would be completed by May 31, 2021, subject to earlier termination in accordance with the terms of the 2020 10b5-1 Plan and applicable law and regulation. The 2020 10b5-1 Plan is intended to permit the orderly disposition of a portion of Mr. Oringer’s holdings as part of his personal long-term financial plan for asset diversification and liquidity. All sales under the 2020 10b5-1 Plan are to be made in the discretion of Charles Schwab and in accordance with the terms, conditions, and restrictions of such plan. Mr. Oringer does not have any control, influence, or authority over sales made pursuant to the 2020 10b5-1 Plan."
https://investor.shutterstock.com/node/10841/html
Royalty cuts announced three weeks after he planned to sell more than a million shares of SSTK; deeper royalty cut to come January 1.
CommuniCat:
Thanks for this.
everest:
He is basically pumping up revenues short term while destroying the company in the long, stock will go up. At some point buyers will start disappearing when they realize they can not find anymore interesting content on the site. He and his gangster partners will be long gone and the stupid investors that bit the bullet, looking only at quarter revenue increases, will be left with spinning heads.
He very carefully watched how Hellman and Friedman trounced Getty and got away with millions while savaging the company. To those that have still confidence in Shutterstock you will be looking at a walking zombie in 3-5 years time. So plan ahead unless you are only in this industry for the quick buck.
Shelma1:
He took the money from our pockets and placed it directly into his bank account. This is capitalism at its finest.
Les:
--- Quote from: Shelma1 on August 06, 2020, 07:43 ---He took the money from our pockets and placed it directly into his bank account. This is capitalism at its finest.
--- End quote ---
That's not capitalism, but a blatant and despicable robbery.
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